§ 5–403
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 5-403 (2026)
Title 5. Economic Development and Financial Assistance Programs
Subtitle 4. Maryland Industrial Development Financing Authority
§ 5–403LinkCopy Citation
(a)
The General Assembly finds that:
(1)
unemployment conditions exist in many areas of the State;
(2)
the acquisition and improvement of facilities are essential to relieve this unemployment and establish a balanced economy in the State;
(3)
the health, safety, welfare, and right of gainful employment of residents throughout the State will be promoted by the acquisition and improvement of facilities;
(4)
the control or abatement of environmental pollution in the State, including noise pollution, is necessary to:
(i)
protect the health, safety, and welfare of the residents of the State;
(ii)
protect natural resources;
(iii)
retain and attract industry and commercial enterprises; and
(iv)
promote economic development;
(5)
public ports in the State are valuable assets and any improvements to these ports that increase the import and export of waterborne commerce will directly benefit residents throughout the State;
(6)
businesses need greater access to capital markets; and
(7)
the availability of financial assistance under this subtitle will promote the economic development of the State.
(b)
The purposes of this subtitle are to:
(1)
relieve unemployment in the State;
(2)
encourage the increase of industry and commerce and a balanced economy in the State;
(3)
help retain and attract industry and commerce through measures including:
(i)
port development;
(ii)
the control, reduction, or abatement of environmental pollution; and
(iii)
the utilization and disposal of wastes;
(4)
promote economic development;
(5)
protect natural resources and encourage resource recovery;
(6)
encourage the creation and expansion of day care facilities in the State; and
(7)
promote the health, safety, and welfare of residents throughout the State.